Branding is intangible which makes it a challenge to develop effectively. As the influencing factor in whether someone can identify your company, product, or service, however, it’s also essential you get it right.
Today we’ll be doing a deep dive on branding: why it’s necessary, the opportunities it presents, and the challenges that go along with its development.
Why is branding necessary?
We all know branding is important and necessary, but why exactly? What is it that makes effective branding so very essential to a business?
Let’s break it down.
Branding improves recognition
Branding is a business’ calling card. It’s a way for people to quickly identify and (hopefully) remember your company. This awareness is essential for a business because it’s the very first step in the sales funnel and is crucial to acquiring customers.
Customers are more likely to buy from brands they know and recognize. This familiarity reassures them that they’re spending their money wisely. When you build brand recognition you’re fulfilling this need in your target market.
Branding creates trust
Trust is an essential component to acquiring and retaining customers. Without it, your business will flounder. Trust and loyalty go hand in hand, and 26%-65% of customers will choose a brand they’re loyal to over others in the same industry.
Branding builds trust by giving consumers a consistent touchpoint for your business. This is because branding not only encompasses how your business looks and feels, but also how it presents itself to the world.
Branding creates a point of difference
Branding is your business’ fingerprint. It creates a point of difference in the market. When it comes to selling products or services, you need to have that individuality to engender familiarity in the minds of your consumers.
This point of difference also does the hard yards in differentiating you from your competition. Being able to stand distinct within your industry is essential for business success.
Branding supports advertising
Businesses need advertising like a fish needs water. Branding and advertising exist in a symbiotic relationship. If you want to up your advertising game, you must first lock down your brand.
When advertising, you need to present a cohesive front that accurately represents your business’ identity and values. This will be a challenge if you have no brand identity providing the bedrock on which to build your campaigns.
If you’re advertising while neglecting your branding, you’re missing key opportunities that will help you design an effective campaign.
Branding challenges (and how to overcome them)
Branding isn’t a walk in the park. It takes time, effort, and dedication to create a consistent, effective brand. Here are just a few of the challenges you may face on this journey.
People are forgetful
There’s an old adage called the “Marketing Rule of Seven”. It states that a message needs to be in front of your audience at least seven times for them to remember it. Getting your content in front of them that many times can present a challenge unto itself, but you also have to ensure your brand is consistent every time they see it.
When developing your brand, ensure it’s consistent across all your platforms and channels. Your website, social media presence, and other material should all be immediately recognizable as you.
It’s not a quick fix
Branding isn’t a quick fix or a short-term strategy. Expecting an immediate, tangible surge in effects due to branding efforts will end in frustration.
Rather than expecting immediate results, you should consider branding a long-term engagement between your business and your customers. The image produced ought to be a lasting impression that bolsters your marketing in the long term.
You have to build a story
Storytelling is innate to the human experience. Our brains are literally wired to process, remember, and recall stories – so much so that we will try to assemble facts into a story so we can more easily remember them.
When it comes to developing your brand, a compelling story is essential. Your customers should know:
- Who you are
- What your values are
- How you make peoples’ lives better or easier
Without a story, your brand is little more than a look and feel.
Staying relevant is essential when it comes to successfully building a brand. It can be a challenge to keep in contact with different segments of your target market while maintaining overall relevance to your entire audience.
To be effective, your branding must do the hard yards. It must keep in touch with the needs of your customers, reinforce positive messages while tackling negativity, and maintain enough momentum to keep consumers energized.
Build a solid brand
Branding is key when it comes to the ongoing success of a business. Without an effective branding strategy, you risk your company falling into obscurity.
Great branding will improve recognition, create trust, support advertising, and help you stand out from the crowd. This isn’t to say it’s without its challenges. Staying relevant, memorable, and effective in today’s fast-paced world isn’t easy but it is rewarding.
Need help with your branding strategy? Contact us today for a free consultation.
Valux Digital is a nationally recognized marketing & PR agency in New York. Businesses and projects of all shapes and sizes are welcome here. We have extensive experience in both B2B and B2C marketing. We specialize in building out customized marketing packages that take real data into account. See some of our other articles on Forbes or Entrepreneur.